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Today’s Focus: Trump vs. Ranchers, China’s Crop Damage, and U.S.–China Trade Tensions 🇺🇸🌾

🐄 Trump Attacks U.S. Ranchers
President Trump took aim at U.S. cattle ranchers Wednesday, criticizing their pushback against his plan to lower domestic beef prices. He claimed ranchers owe their success to his tariff policies and suggested they’d be struggling without him. The remarks followed his recent move to boost Argentine beef imports — a decision that sent cattle futures plunging. Live cattle dropped more than $7/cwt, while feeder cattle hit their daily limit, down $9.25/cwt. See Trump’s Truth Social posts below.

🌧️ China’s Corn Crop in Trouble
Heavy rain is hammering northern China’s corn belt — the wettest stretch in 60 years — leaving millions of acres unharvested and some crops rotting. Imports are down 93% from last year as China leans on domestic supply, but the losses could tighten stocks. USDA pegs China’s corn reserves at 193 mmt, roughly 45% of this year’s U.S. crop. Corn harvest is likely about 75% complete. Six key provinces, accounting for nearly 40% of production, have faced excessive rain in recent weeks. 

🤝 U.S.–China Trade Talks
U.S. and Chinese officials will meet in Malaysia this weekend ahead of a potential Trump–Xi summit in South Korea. The U.S. has threatened 100% tariffs on Chinese imports beginning November 1 if no agreement is reached. China’s Vice Premier He Lifeng is leading the delegation in ongoing talks through Sunday. Soybean purchases and rare earth mineral restrictions remain key flashpoints.

💻 New Export Controls?
The Trump administration is weighing fresh export restrictions on critical U.S. software to China, mirroring measures once aimed at Russia. The plan may involve coordination with G-7 allies but remains preliminary. It follows China’s new port fees on U.S. vessels and limits on rare earth exports.

⛽ Ethanol Output Near Record
U.S. ethanol production jumped to 1.11 million barrels per day last week — the second-highest on record. Stocks dropped to a 51-week low near 21.9 million barrels. Margins across the Corn Belt remain solid, ranging from +20¢ to +50¢ per gallon.